Informist, Tuesday, Dec 5, 2023

By Subhana Shaikh and Abhinaba Saha

MUMBAI – Kerala Infrastructure Investment Fund Board Ltd plans to raise 15 bln rupees through bonds maturing up to 10 years and has invited bids for the same on Dec 15, sources in the know told Informist. 

The bond issue may carry a coupon of 8.95%, payable quarterly and has a staggered redemption with a tenor of 4-10 years under seven different sub-series.

The unsecured, rated, listed bonds are backed by unconditional and irrevocable guarantee by the Government of Kerala as a principal debtor and not merely as a surety, according to a term sheet.

The bonds are rated 'AA' by India Ratings and Research.

The objective of the issue is to augment the long-term resources of the company and proceeds of the same will be used to finance infrastructure projects in Kerala.

Kerala Infrastructure Investment Fund Board is a statutory body created by the Government of Kerala under the Kerala Infrastructure Investment Fund Act, 1999.

In July, the company raised 3 bln rupees through the issue of green bonds at a coupon of 8.49%, payable quarterly.
 

In April 2019, the company had raised 21.5 bln rupees through masala bonds maturing in five years at a coupon of 9.723%, payable semi-annually. Masala bonds are rupee-denominated notes sold abroad.  End

Edited by Deepshikha Bhardwaj

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2023. All rights reserved.